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Fly News Breaks for December 3, 2018
Dec 3, 2018 | 06:56 EDT
BofA/Merrill analyst Ross Gilardi upgraded Timken to Buy and increased its price target to $50 from $45 citing attractive valuation as macro risks recede. Gilardi is more constructive on Timken following Fed Chairman Powell's comments last week that were seemingly less hawkish on future interest rate cuts and the temporary cease fire in additional US tariff increases. The analyst sees a potential multiple recovery given strong demand trends and continued price-cost capture.
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